Dispelling the Most Common Myths About Self-Directed IRAs

The truth about the myths surrounding Self-Directed IRAs…

Have you ever watched a health report on the evening news, wherein even the most credible researchers appear to completely reverse an earlier notion about which foods are healthy to eat and which are not?

Truth is, we’ve all experienced myths like these in our lives. Sometimes we buy into them, like believing that an urban legend is real when it turns out to be a fabrication. And sometimes we wisely keep clear of the myth by not making a judgment one way or another.

Most of the time, these myths are innocent. But sometimes these myths embed themselves into the popular consciousness and prevent people from making fully-informed decisions.

Consider the world of Self-Directed IRAs. Myths about these IRAs are rampant-some of them true, some of them way off base. If you’ve just discovered this site, now’s the time to learn more about Self-Directed IRAs so you can evaluate them with a clear head… and a mind free of myths.

“The Only Possible Investments in Retirement Accounts are Stocks, CDs, and Mutual Funds.”

You might not have even heard this one directly. It simply seems to be the underlying assumption that many investors make. Even money managers make this mistake often enough that the myth has become pervasive. The truth? Self-Directed IRAs allow you the ability to invest in intellectual property, real estate, private companies, gold, and more. There aren’t as many limits on retirement accounts as you might think.

We should note, however, that if you want to expand your retirement investment options, you might have to switch over to a Self-Directed IRA. These IRAs will allow you the financial freedom to make more of your own decisions, pay fewer fees to wealth managers, and take charge of your retirement destiny.

Our ruling on this one: Myth.

“Self-Directed IRAs Are Inherently Riskier.”

Have you heard this from a money manager? Try asking yourself if they were selling you on their latest mutual fund.

The real truth about IRAs and investment in general is, well, a little murkier. Sure, we could sell you on a number of easy platitudes and generalizations, but the truth is, different retirement accounts work for different people. Self-Directed IRAs might work out better for you than the traditional IRAs you’ve been sold all your life.

If you have a lot of experience in real estate investing, for example, then you might actually have less financial risk associated with Self-Directed IRA real estate investments. You know the market well, you know how to handle the investments, and you know how to generate a return. Is that riskier than the traditional IRA? You tell us.

Our ruling on this one: Myth.

“I have more options with a Self-Directed IRA.”

Is this one really a myth? Consider the limited scope of the traditional IRA: CDs, mutual funds, stocks. That’s the traditional route. With a Self-Directed IRA, however, you can open up your investments to real estate, private IRA lending, private stocks, tax liens, precious metals, and more. Opening up a Self-Directed IRA will expand the breadth of your options… and possibly the depth, as well.

One common argument money managers often make is that Self-Directed IRAs require a more subtle appreciation for the difficulty investments. And while this is true, it’s not prohibitive by any means. Ordinary people make real estate and private investments all the time-often, with stable, effective results.

How to Develop the Right Direct Marketing Mix For Your Business

Direct marketing is a type of marketing that communicates directly with the prospect or customer. It should have a clear call to action and is often measurable. It is generally used to acquire or retain profitable customers. There are a number of different channels available to you, each offering different benefits and costings.

Direct Mail

Every household in the modern world no doubt receives several mail shots per year. This is often referred to as junk mail generally because many people don’t like receiving it through their letterbox. Because of this negative connotation it is critical that any Direct Mail that you send is highly targeted and personalized. The more personalized and relevant your mailing is, the higher your response rates will be. If you have a large customer base, it is beneficial to segment them based on the data you hold about them. This way you can try and personalize your message to that particular group.

Within your letter you need to have a clear call to action so customers know how to buy your product or service. If you are a complete beginner it would be beneficial to employ a creative agency to support you, however this could be costly.

The biggest advantage of Direct Mail is that it is completely measurable so you can track how it is performing incrementally. You would need to set up a no contact control cell within your mailed population in order to understand who would have bought your product anyway. In terms of cost, Direct Mail is generally more expensive than online channels due to the postage costs so it is probably an option for a more established business with a larger marketing budget.

Door drops

Door drops are less targeted mail shots or flyers delivered through your letterbox. They are not addressed to the householder personally. You will have seen local takeaway and taxi cab firms use door drops and they can be effective as a localized marketing strategy for acquiring new customers. If you can offer a discount this will increase your response but don’t expect to see great results.

Telemarketing

This is another form of direct marketing that can be intrusive so proceed with caution. There are outbound and inbound options depending if you call the customer or they are calling you. You must ensure that you have permission to contact them by phone otherwise you could be breaching data protection laws. It is beneficial to position the call as a courtesy call prior to offering any product or service. This will put customers at ease and make them more receptive to talking to you. This can be an expensive channel as you have the network charges to cover as well as staff if you don’t have time to make the calls yourself.

Email marketing

Email marketing follows the same principles as direct mail in that you are mailing to your prospects or customer base. Again this is a measurable channel and is cost effective as you don’t have the postage costs to consider. The barrier to email marketing can be the filters that classify emails as spam. This could mean that your prospects don’t actually receive your email. This channel is a great way for you to connect with your customers or prospects and offer them real value.

Direct Sales

Direct sales is not specifically direct marketing as it generally involves sales agents selling your product or service but it is another option for your marketing mix. You could employ a direct sales agency to sell your product on your behalf for a fee. This channel can be cost effective if you have the right staff and a relevant offer for the customer.

These are a handful of direct marketing channels to consider when you are planning your marketing activity. Each one has their own merit depending on your objectives for your business and your budget. Always bear in mind that it is important to have more than one marketing channel in your portfolio in case you start to see a reduction in your response rates. This can often happen when you are in a saturated marketplace.

Basic Strategies for Social Media Marketing

Your strategy for social media makes reaching prospective customers much more easier.

Having a strategy for social media marketing is significantly important for making your online campaign successful. Though one can make free use of social media, its monitoring and implementation is time-consuming. If you think you lack the necessary time, it is imperative that you seek professional help, capable of monitoring the conversations and messages that keep pouring.

Identify the habits of users

The most important aspect of any media marketing strategy is to know the audience you want to reach. Apart from identifying your audience, you need to find out the way they make use of the Internet. You would appreciate that the social media habits of students are quite different from that of working moms. Your message through various platforms should be addressed to your audience directly, for getting their attention. For instance, the use of platforms like Facebook, Twitter and LinkedIn is necessary for most professionals like photographers or dentists, but the same cannot be said for a local ice crème parlor. Before engaging with your audience, you should find out where they spend their time and how they interact.

Offer solutions to prospective clients

A very effective way of creating an audience comprising of prospective readers or clients is to offer solutions to problems related to your business. One way of doing that is to make and answer their queries, even if those are not directly connected to your product. Make extensive and efficient use of Twitter plus Facebook to interact with the existing and likely clients. When finding your content helpful, the audience forms a positive opinion about you, and looks at you as an authority on that subject.

Transforming visitors into clients

By interacting with your prospective clients directly and developing a personal relationship, the chances of transforming the prospects into clients go up considerably. Provide your subscription forms and/or buying options on the home page itself, and link the same to your other media accounts. You can grab the readers’ attention by feeding them with rich content. Compile a list of their email addresses to make your mailing list, and offer them good reasons for coming back to buy your product and services.

Remain transparent and responsive

It is vital to maintain transparency when dealing with people through social media sites. People who frequently utilize social media do not take long to identify spam. You’ll be driving them away from your site by bombarding them your messages of marketing. Be honest and genuine while interacting with your audience through social media. Consider them as if they were friends you happened to meet in some social gathering, and treat them accordingly. If anybody posts any negative comments, you must respond promptly even if you were at fault. Such actions send a clear message to other existing and prospective customers that you are sensitive to clients’ requirements.

Finally, do keep monitoring your company regularly by using various monitoring and searching tools, such as Google Alerts, for example.